St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-06-15

the hammer" Maurice Rosenfeld &,
Co, one OF the Most prominent of the
clique brokerage houses, have an
nounced their suspension. The losses
on the decline by this concern will
probably amount to S400,0 Irwin,
Greene GS Co., another of the clique'S
houses, announce their complete sta
bility, and have promptly put up all the
margins called of them. About G.. J.
KerShaw IL Co. there has been no an
nOun6 ement. and there is the faint hope
that they may pull through, but they
are behind in their margins. The
COLLAPSE Is WORSE
than the failure of Peter MeGeoch and
will entail mere losses. The first init
nation of trouble in the wheat deal ap-
peared day before yesterday, when the
July peg at 8515e was broken through.
That let July down 50 far that a mar
ginal price for June which was kept at
92c, was inevitable. Joe Wiltshire. of
Cincinnati, was here Saturday, Sunday
and yesterday. Repeated interviews
ians and their Chicago brokers.
At one interview at the
Rehelieu last night, Kershaw
left apparently so troubled in spirit that
those who saw his face felt that panic
was inevitable. 1t is said that Leopold
Bloom, a Sealper, who heard of the SEN
SatiOnaf character of that interview sold
wheat on the strength of it and made
S6S,000 on the decline this morning.
There have been few who claimed
that this wheat corner was the manipu-
latiOn of the malodorotls Harper, who
repudiated his losses made in 1881.
The transactions, however, became
so ENORMOUS,
and the undertaking SO vast, that at
last the report that this deal was backed
by the Standard Oil crowd, by FL. n.
Flaggfer, and even had the backing of
Rockefeller, began to be believed. The
claim that it WAS really Harper, of the
Fidelity Bank Of Cincinnati. is now sup
posed to be true A description of the
scene at the height of the panic would
trader, but very little Co an out
slider. The excitement began at
the very opening of the board
with the break in July. For
awhile the-clique houses waved off in
quirerS and pretended that the break in
July was part Of their programme. IF
the crowd wants to sell this wheat
down." said Rosenfeld, 1.-The clique will
simply take it at lower range of
prices" Rosenfeld & Co. actually stood
i'll the pit and bid % cents for June, with
age was all to no purpose. One after
another the alarming symptoms grew.
1T was declared, among other things,
that there was rum on the
Fidelity bank of Cincinnati. July kept
getting weak, until finally RoSenfeld
gave up even the attempt to bolster
June. 1t dropped to 80 cents, and then
the margin calls began to pour in. This
seemed to decide the whole matter.
RoSenfeld
GAVE UP THE WHOLE STRUGGLE.
His checks were thrown out at the
Chicago National about 10 o'clock. The
failure was announced on the board at
about noon. July fell to "a cents and
June to 72A. Instead of a hubbub
following the announcement there was
an unusual quiet. The market was
stunned There was probably not
firm on the floor that did not
know that the announcement meant
a loss to. it. Rosenfeld 81 Co.
were identified with the clique. Inquiry
made it plain at once that Irwin, Greene
& Co. were sound That will probably
save the trade millions of money. AS to
KerShaw IL Co.'s standing there was
uncertainty. There is just now pres
sure upon. them, but at 10 o'clock Mr..
Kershaw said: ITO the best of my
knowledge am. solvent" Rosenfeld'S
liabilities are unknown. He had On his
books, it was said at his office, about
100000 bushels of July wheat, on
which there is a profit to the sellers now
varying from 5 to 10 cents. The LA
bilitieS would amount to $500, 900
if there were no margins up,
but the impression is that the firm has
I'D about 81 ,0o0, 600 in margins. Frank
Johnson, of this firm, said that the re-
ceipts of wheat were such that the
MONEY SIMPLY GAVE OUT.
The margins of the clique made prom
m. a clerk in Kershaw 81 Co.'s Office
said: ssWe expect to go through all
right. Whether we can or not will be
decided in an hour" Kershaw's boy
was in the delivery at 1:30 p. m. and
took some. wheat. The other delivery
boys, however, refused in good many
instances. III the afternoon board there
was for while renewal of the most
exciting scenes of the day. When the
secretary made his way to the gallery
with his gavel it was known at once
that failures were to be announced.
Following his rapping Secretary Stone
announced the failure of Hamill &
Brine and E. W. Bailey Se Co. The all
nouncement of the first failure produced
decided sensation, as HamiII IL Brine
has been house Stanch and in good
repute. George G. Brine is one of the
most talented men OIL the board and q
director. His failure was followed by
excavations upon clique which had
WROUGHT SUCH RUIN.
The announcement of the failure of
E. w. Bailey & Co. Immediately fol-